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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
During the past 11 years, the highest Beneish M-Score of Pampa Energia SA was 2.82. The lowest was -6.61. And the median was -2.91.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Pampa Energia SA for today is based on a combination of the following eight different indices:
|M||=||-4.84||+||0.92 * DSRI||+||0.528 * GMI||+||0.404 * AQI||+||0.892 * SGI||+||0.115 * DEPI|
|=||-4.84||+||0.92 * 0.9771||+||0.528 * 0.6278||+||0.404 * 0.9441||+||0.892 * 1.1869||+||0.115 * 0.7203|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.2678||+||4.679 * -0.0264||-||0.327 * 0.9225|
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $271.7 Mil.|
Revenue was 217.749257143 + 200.88 + 194.274057143 + 189.941714286 = $802.8 Mil.
Gross Profit was 3.8448 + -0.525714285714 + 14.0118857143 + 2.41371428571 = $19.7 Mil.
Total Current Assets was $860.2 Mil.
Total Assets was $2,736.7 Mil.
Property, Plant and Equipment(Net PPE) was $1,452.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $58.2 Mil.
Selling, General & Admin. Expense(SGA) was $222.0 Mil.
Total Current Liabilities was $1,094.2 Mil.
Long-Term Debt was $586.8 Mil.
Net Income was 4.60217142857 + 6.98285714286 + 103.0792 + 83.1973714286 = $197.9 Mil.
Non Operating Income was -20.1644571429 + -23.2914285714 + 61.9629714286 + -8.9608 = $9.5 Mil.
Cash Flow from Operations was 96.6953142857 + 0 + 90.5225142857 + 73.4428571429 = $260.7 Mil.
|Accounts Receivable was $234.3 Mil.
Revenue was 185.2912 + 170.274285714 + 163.589371429 + 157.287314286 = $676.4 Mil.
Gross Profit was 5.368 + -0.628571428571 + 12.9084571429 + -7.20422857143 = $10.4 Mil.
Total Current Assets was $510.6 Mil.
Total Assets was $1,761.1 Mil.
Property, Plant and Equipment(Net PPE) was $961.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $27.4 Mil.
Selling, General & Admin. Expense(SGA) was $147.5 Mil.
Total Current Liabilities was $734.2 Mil.
Long-Term Debt was $438.5 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(271.700571429 / 802.845028571)||/||(234.297257143 / 676.442171429)|
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(-0.525714285714 / 676.442171429)||/||(3.8448 / 802.845028571)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (860.200685714 + 1452.8424) / 2736.68857143)||/||(1 - (510.554971429 + 961.791885714) / 1761.12651429)|
4. SGI = Sales Growth Index
Ratio of sales in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
|DEPI||=||(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))||/||(Depreciation_t / (Depreciaton_t + PPE_t))|
|=||(27.4252571429 / (27.4252571429 + 961.791885714))||/||(58.1564571429 / (58.1564571429 + 1452.8424))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
|SGAI||=||(SGA_t / Sales_t)||/||(SGA_t-1 /Sales_t-1)|
|=||(221.958285714 / 802.845028571)||/||(147.508914286 / 676.442171429)|
7. LVGI = Leverage Index
The ratio of total debt to total assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((586.824342857 + 1094.20388571) / 2736.68857143)||/||((438.475542857 + 734.1984) / 1761.12651429)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(197.8616 - 9.54628571429||-||260.660685714)||/||2736.68857143|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Pampa Energia SA has a M-score of -2.73 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Pampa Energia SA Annual Data
Pampa Energia SA Quarterly Data